The eleven members of this savings group have participated in the financial institution EDAPROSPO – PROSPERIDAD (prosperity) for two years and four months. Most of them make wallets of leather and thread, tablecloths, and purses and then sell these products in markets, fairs, and to their clients. María Luisa is the president of the group. For ten years, she has worked in dressmaking, and she makes garments. Also, she helps her husband in his father’s carpentry business.

She used her first loan form EDAPROSPO – PROSPERIDAD to buy thread, leather and molds for the production of leather wallets. With the income from these sales, María Luisa provides a good life to her two young children, who are attending a government school. She invested her recent loan in materials (thread, jewelry, fabric, and zippers) to begin making purses with beautiful decorations that are currently in fashion. She plans to continue working hard with the goal of saving some capital so that she can continue selling her products in a stand where there is a demand for the goods.

Additional Information

About EDAPROSPO

EDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.

This is a Group Loan

In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.

Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.